forexeatrading 
- GBP/USD returns to bearish territory after rejection from 1.2500
- A transfer under 1.2350 might renew draw back pressures
GBP/USD has taken a unfavourable flip once more after its robust bullish begin to the month failed to interrupt above the 1.2500 resistance and the 50-day easy shifting common (SMA). The pair could not maintain ranges above its 20-day SMA on Monday and is presently looking for help from a short-term trendline at 1.2350. With technical indicators leaning to the bearish aspect, a continuation decrease appears extra probably because the Fed chief is heading to Capitol Hill for a two-day testimony.
Extra losses might initially pause inside the 1.2235-1.2270 constraining zone. If promoting curiosity persists, the worth might problem the underside of its September-December downtrend at 1.2100-1.2160. Failure to pivot there might spark a decline in the direction of the 1.2000 psychological degree, with the 1.1935 territory, final seen in February-March 2023, additionally coming into sight.
Conversely, if the pair establishes a powerful foothold close to 1.2350 and climbs again above its 20-day SMA, it could stage one other battle between its 50-day SMA and the 1.2500 barrier. A victory there might clear the way in which in the direction of the 38.2% Fibonacci retracement of the September-December downtrend of 1.2600. A steeper rally might goal the 50% Fibonacci degree and the 200-day SMA inside the 1.2765-1.2800 space.
In abstract, GBP/USD is dealing with a bearish short-term outlook, with sellers ready for an in depth under 1.2350 to focus on decrease ranges.
